PERSONAL FINANCE
The Post Office Scheme is a long-term, risk-free, and secure investment plan.
Post office scheme investments are long-term ones. These programmes are actually intended for those who choose conventional investing and long-term investments. On post office plans, there is a government guarantee, thus there is no risk. There is also the option of a guaranteed return on investment. Here, we'll inform you about Kisan Vikas Patra, a similar post office programme.
What is the Kisan Vikas Patra (KVP) Scheme?
This plan will run for 124 months, or 10 years and 4 months. If you invested in this plan between April 1, 2022, and June 30, 2022, your lump sum investment will double in value after 10 years and 4 months.
How much should one invest:
In this scheme, there is no upper investment restriction. With a minimum investment of Rs 1,000, you can purchase a Kisan Vikas Patra Certificate; otherwise, you are free to invest any amount you like in this plan. In 1988, this plan was initiated. Initially, it aimed to double farmers' investments, but it is now available to everyone.
Documents required:
Money laundering is a possibility given the lack of restrictions on this investment. As a result, the government made PAN cards necessary for investments over Rs 50,000 in 2014.
If investing 10 lakhs or more, income documentation, such as an ITR, a pay stub, a bank statement, etc., must also be submitted.
Aadhaar is additionally to be provided as an identity card.
How do you buy it?
1. Single Holder Type Certificates: These certificates can be bought for an individual or a minor.
2. Joint A Account Certificate: It is given to two adults in a joint transaction. Payable to the surviving holder or both holders.
3. The Joint B Account Certificate is given to two people jointly. E ither one or the living one will receive payment.
Features of Kisan Vikas Patra:
1. This scheme offers guaranteed profits and is a particularly safe option to invest because it is unaffected by market changes. At the conclusion of the term, you receive the entire sum.
2. Section 80C of the Income Tax does not provide a tax exemption in this case. This return is entirely taxable. After maturity, withdrawals are tax-free.
3. The sum can be withdrawn at maturity, or after 124 months, but there is a 30-month lock-in period. Prior to this, you are not permitted to withdraw funds from the programme until the account holder passes away or a court order is issued.
4. One may invest in this in increments of Rs 1,000, 5,000, 10,000, and 50,000.
5. You may also take out a loan using the Kisan Vikas Patra as security or as collateral.
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